Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Suppose you loaned $1,483 to your best friend's cousin and he promised to pay you back the loan in a year, with 11% interest. Using
Suppose you loaned $1,483 to your best friend's cousin and he promised to pay you back the loan in a year, with 11% interest. Using simple interest method, how much interest will he pay you in a year? (Round your answer to two decimal points)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started